Craft Northem Ireland Company Llmlted by Guarante• Financlal Statements Yaar Endgd 31 March 2023 Company No: N1642349 Charity No: NIC106410
Craft Northem Ireland Company Llmltad by Guarantee Table of Contents Year Ended 31 March 2023 Page Company Information Report of the Trustees 3-11 Independent examinerfs report 12 Statement of Flnancl81 Activities 13 Balance Sheet 14 Noies to the Financial Statements 15-21
Craft Northern Ireland Company Limited by Guarantee Company Infomiation Truste88 Rory Shearer James Toland Patricia Flanagan Patricia Margaret McNeill Rachel Fitzpatrick O'Neill Kim Mawhlnney Gail Wright Chris Mchugh Olivia Stewart Address for correspondence 115-119 Royal Avenue Belfasl Northern Ireland 8T1 1FF Roglstered Office 115-119 Royal Avenue Belfasl North8rn Ireland BT1 1FF Indopondont Examlnor FPM Accountants Ltd Chartered Accountants 1-3 Arthur Street Belfast BT14GA Reglstered Charlty No. Registered Company No. 106410 N1642349
Craft Northern Ireland Report of tho Trustags Year Ended 31 March 2023 The Trustees presents their annual report together the financial statement of Craft Northem Ireland for the year ended 31 March 2023. The Trustees confirms that the Annual report and financial statements of the Trust comply with the Charitie5 Act 2008, the Companies Act 2006, the Artodes of Association, and the Accounting and Reporting by Chari118s'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (effective 1 January 20191. Thls report provides information on Craft Northem Ireland activities and financlal performance and fom)s part of a range of public information desSgned to give an open account of our work. Objectlves and Activltle8 Objectlves and aim8 The charity's purposes 8$ set out In Ihe organlsatlons Strateglc Plan of the 8ord are the achievement of- Our V181on A diverse and 8U8taln8ble craft 88¢lor that makes 8 posillve conlributson to ltte culture. economy and wellbelng of p8ople in Northem Irgland. Our Ml881on To contribut8 to an Integrated, 8ntreproneuri81 and vibrant contemporary crafts $8¢tor in Northem Ireland, actively supported by regional and local stakeholders, that contributes increa51ngly Ig the creallve, cullural and economic lif8 of Northérn Ireland. Our Valuos We will work in a way whlch.. 18 ambitiou8 and outward-looklng Builds p8rtnerships and co118borations Flnds opportunities to pramote and advocate Nl Craft • Is 8ducating, enriching, Insplrlng and Innovating • Promote$ quality • Is indusive and respotsttul Top leval oblectlve8 Mak•rs We want lo enab18 makers lo find training relevant to their business and to build beneficial neorkS in Nl and beyond. We will also support makers lo find professional development and learn about and last commercial approaches. We will sUPPOrt makers wlth open access Iralning and professional development programme opportunS1ies. We will help people slay in touch and network through our Maker forums and newsletters. W8 will promote craft through our Craft Nl Dir8Ctory of m8ker5 and retailers. our G8llery and our promollons and marketing activities. Audloncos & Markots We will work toward5 audiences and buyers being able to find more high quallly craft across Nl and to see high quality craft exhibitions easily. Vve also wanl to make it easier for people to find craft workshops, whether for recreation or professional development. We will create a new marketing str81egy 8nd develop our website. We will 8180 develop otjr juried 8xhibltlons prioritising Nl makers. We will grow August Craft Month and through partnerships increase audiences both in Nl 8nd across the island of Ireland and among visitors. We will build relats'onship5 in eduGalion. local government and across relevant stakehold9rs with an inter951 in a flourishing craft sector.
Craft Northern Ireland Report of the Trustees Year Ended 31 March 2023 Craft Nl We vrdnt makers to see Crdft Nl as an inspirational Sour of informatlon and advice. To rneet this and our other objectives we will develop our range of income streams and lake care to support our staff. We wll collaborate with a wider range of partners lo deliver value for the craft sector. We wll run our adwce and 5ignposling servlce and grow the potential of our physical space as a resouic8 for makers. We will create new plans for Gallery marketing. sponsorship and fundraising, and we will develop and support our staff. We will develop relatSon5hlps wllh partners across the island5. ACHIEVEMENT AND PERFORMANCE Progre$$ Against Oble¢tive8 MakerJ 1.1 Slgnpostlng: During the year Craft Nl provlded ongolng support for deslgner-makers & sector through signposting and information 8UPPOrt. Some examples of Individual support include.. Funding sour¢os Guld8nce for prfclng work Support on running a craft market Weekly Plan C n8wsletter- circulatlon1S$l of 800 ¢raft makers 1.2 Talks and Tralnlng.. W8 also offered a serles of onllne Talks and Tralnlng to 8UPPOrt craft makers to Increase the sUStalnablllty of Ihelr busin88ses, including= .Craft in a circular 8conomy wlth Kati8 Tr8ggiden .How lo be a Responsib18 Business with Sophle Rochester, helping craft businesses grow sustainably: .How to improve your maker practiC8S to ba more sustainab18 With Sophie Roch&st8r, helplng makers becorne more environmentally conscious in their craft practice through more sustainable alternatives. Online Accounting with FPM Product Photography for Beginners with Simon Mi118 Advanced Product Photography with Simon Mills Intellectual Prop8ty Baslcs with Simon S8llars from Anti Copying in Oeslgn {ACID) 1.3 Plan C: Weekly Maker-focused newsleller sent by e-mail focuslng on grant opportunities, tr81ning, business support and maker news. AudlenGos and Markots 2.1 Accesslng hlgh quallty local craft Craft Nl continues to sell work from over 50 Northem lrfsh makers through its Gallery at 115-119 Royal Avenue, Belfast. Makers In Northern Ireland have the opportunity to apply annually to sell through the Gallery through juried open call-out. From time to time, guest makers are invited to sell through the Gallery under a range of circumstances, for example.. through being involved in an exhibition In the Gallery,. due to renown in their fleld- because they fill a gap in the product range that cannot currently be met by a Northern Irish maker. Guest makers are approved by the Craft Nl Board Quality Group. Craft Nl contlnues to promote craft retailers who sell Northern Irish craft across Northern Ireland as well as makers who sell direcly lo the public. In 2021122 we produced a monthly mail-out profiling news from the sector. events and products from retailers. We also host a retailer Directory on the Craft Nl websito and durlng Christmas we run a promotional campaign.encouraging the public lo support local makers when consid9ring gifting options. Vve partnered with three local councils to promote makers.relailers,fairs and rnarkets through radio and social media advert15ing gift guides organic social media and PR.
Craft Northern Ireland Report of the Trustees Year Ended 31 March 2023 2.2 Exhlbltlons: Peter Meanley- New Works.. new works by renowned sall glaze potter Peter Meanley. who has won Intematlon81 acclaim for his abstract spouted pouring vessels and his mastery of the salt glazing technique . Wool Works: an exhibition of contemporary textile design, featured innovative work from Welsh. Finnlsh and Northern Ireland textlle a$t$, who have been working together since 2001. Angus Craft Month Showcase: this annual exhlbition, Is a hlghllght of August Craft month. a unlque event which features some of the best contemporary Northem Irish craft. Paper Magic'.Through their artful mastery of skills such as culllng,pulping. foldlng,oiling and collaging. five talented maker5 revealed the magical properties of paper in this unique group show. Shuttles and Shafts- Oct- Nov 2020.. capsule exhibition relating lo historical cataloguing of plates from Ewart-Lidd811 Linen Mill. Capsule exhibition will now b8 on permanent display in Lisbum Linen Museum Curiosllles & Colloctibles.. For this exhibition, the Association of Contemporary J8wellers and Silversmlhs Nl brought together 18 contemporary jewellers and silversmiths from all over the worfd. Each piece related lo the theme "Collectibles and Curiosities. representing 8 wide range of narratives and cullur8S. 2.3 August Craft Month:. In 2022, Craft Nl entered into a partnershlp with the Design & Crafts Council of Ireland and Cork Craft & Design to deliver and co-promote August Craft Month across the island of Ireland. This was with 8 vlew to growrng audSences for Craft as well os enabllng Nl makers to reach new audiences Island-wide. In 2022. 265 events look place across Ihe island with an event in avery county. Participants and audl8nGes $urvayed in the evaluation listed that they felt.. Makers particlpallng demonstrated a high lav81 of sklll They would attend a similar event agaln They had16aml somelhlng n6w about craft Their understanding and appreclallon of crafts had increased Makern told us that they had found partlclpating in August Craft Month uselul for: Promoting events Increasing activity Attracllng new vlsltors One maker In Co. Down commented.. "I w8s d81ight8d that my workshops rea¢hed a much wlder 8ud18nce and 8nd p8rtlClP8nts tr8velled from th& South of Ireland and much ftirth8r afi8ld as a rasult. 9 people bookgd accommodation on 2 night5 to altend." 2.4 Communlcatlon$ and Campalgn$ Monthly sectOr-de newsletter aimed at craft consumers covering work for sale across all Nl craft retailers; maker news and achievements. highlights of workshops and things lo do., éxhibitions. Buy, See, Make. Craft Nl Gallery mall newsletter monthly focusing on work in Gallery. We continue to priorilise awarengS5-raising through social media platrorms across Craft Nl and Craft Nl Gallery whose combined accounts reach approximately 27.000 followers.
Craft Northern Ireland Report of tho Trustees Year Ended 31 March 2023 Chrlstmas Promotional Campaign: Q3 actiwties fccused on Christmas Promotional Campaign 'Buy for Chnstmas, Ke8p Forever, for the craft sector in the lead up to Christmas 2021,encouraglng the publ1¢ to Gonslder a Nl designer-maker or craft retailer when choosing glfts. Two local Counclls contributed funds towards the reglonal campalgn for particular promotions wllhln Ihelr boroughs almed at thelr local makers. We're grateful to the following Councils for their support: Ards and North Down Borough Council Antrim and Newtownabbey Borough Councll Activities included: Gift guides for soclal medla; dlgltsl media and direct mail Radio ad6 during December on two stallons to ensure cov8ra98 across Nl and border counties Social medla news and posts 2.$ W•bslte and Maker Dlrectory In 2022, we conllnue lo promote th? Craft Nl Maker Directory through soclal medla promotional spotlights on Dlreclory members as promoting onling. This Is wth a view to buildlng awar8nes5 of the Directory as a first poinl of reference for curator8. audlences or ¢uslomer wanting to engage with craft makers. Recruilrnent to the Directory Gontinues wllh applications asgassed quarterfy. Craft Nl 3.1 HR and staffing In 2022123,we were successful In our application to secure a paid post under the Nl Future Screen5 Art Work programma. Thi5 enabled us to recruit a Digital Development Officer whose role Is to provide training, advice. hOtOS and one to one support lo craft makers who wish lo improve the onllne aspects of Ihelr routes to market and to bulld 8n Improved online presence whlch can help thelr businesses and craft practiC88. The Development Officer startad in September 2022. One Craft Nl Board member, Gal Wright, stood down In 2022123.
Craft Northern Ireland Report of thè Trustees Year Ended 31 March 2023 FINANCIAL REVIEW Principal funding sources Aslde from the Income generated by service provislon and commlssion on sales in the charity's retail gallery, the charity's principal funding source is the Arts Council of Northem Ireland. In 2022123, Cffjft Nl are grateful lo Belfast City Council for funding through its partnership programme. Funds were also secured from the British Council to fund a scoping visit to Vietnam to establish arts partnerships. Some income was also gener8ted through partnering with Antrim & Newtownabbey Councll to organise the Craft Village at Garden Show Ireland, as well as through Project Management provided for August Craft Month in Rol. Investment policy and oblectlv08 Aside from r8tsining a prudent amount in reserves each ygar mo$1 of the charity's funds ar8 spent in the short tèm so Ih6r8 are no funds for long term investment. R•8•rv•s pollcy Thè charity operat85 a Reserves Policy a5 a prudent measure to ensure the continued operation of the charity in the event of an imm8dlal8 flnancial requlrement due to unfor85een circurn5t8nGe5, Such ¢ir¢umstances might aris9 as a result of, although not limited to, any or a number of the following.. . A source of Income not being renewed or reducod. Funds mSghl be needed to glve the trustees Ilme lo take acllon if income f8115 below expec18tion5' • Thè r¢sk of unfor858en emergency or other unexpected n8ad for fund8, e.g. an unexpected lar96 repalr blll or flndlng 'seed-funding' for an urgent project., . Covering unfores88n day-to-day operational costs, e.g. employing temporary staff lo cover a lon*lerm slckness absence., Planned commitments. Dr designations, that cannot be met by future income alone. e.g. a relocation, plans for a major asset purchase or a significanl project that requires the charlty lo provide 'matched funding.; Tha need lo fund short-l&rm deficits in a cash budget, e.g. money may need to be spent befora a fundlng grant is recelved. The board of dir9clors has reviewed both income and expenditure for the next year and has set aside an amount approxlmallng to 15% of annu81 exp8nditur6. For the financial year 202312024 this approxlmat8S to £35,000. The Board of directors have examlned the charlty's requirements for reserves in the light Df the maln risks lo the organisalion and are confident that the reserves are sufficient to ensure the ¢onlinued operation of the charity now and in the Immediate future. The Board of Directors wlll reserve the rlght at any point in limo to draw down this reserve as mlght be required whilst ensuring by all r8asonable means the earliest possible rebuildlng of reserves in Ilne with this policy. FUTURE PLANS The charity plans continuing the actlvities oulllned above in the forthcoming years subject lo satisfactory funding arrangements. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is cgntrolled by it5 govorning documenl, a deed of trust, and constitutes a limited company, lirniled by guarantee, as defined by the Companies Act 2006. The organisalion is a charitable company limited by guaranlg8, incorporated on 24 November 2016 and regislered as a charlty on 6 April 2017. The company was established under a Mernorandum of Association that eslablSshed the objects and powers of the charitable company and is governed under ils Articles of Association. In the event of the company being wound up mernbers are required to contribute an amount not exceeding £1.
Craft Northern Ireland Report of the Trustees Year Ended 31 Mar¢h 2023 Recrultmenl and appointment of new tStee5 Truslees may be appointed by the currenl Board of Trustees and sh811 seNe for a period of three years. which period can be extended by a further two terms of three years each by mutual agreement beeen the Board and the Trustee. On appointment as Trustee. the person shall becomo a company memb8r of the charity. A]1 members of th8 board of directors giv6 their time voluntarily and receive no benefits or expanses from the charity. The charity actively promotes a board of directors that indudes a range of skllls, experience and knowledge in keeping with the pursuance ol ils Objects. The traditional busine$$ skills are well repres8nled on the board of directors. In an effort to maintain this broad skill mix, a board skills audit is carriad out regularly, most recently in 2021 and in the event of particular skills being lost due to r&tiraments. future board recruitment will give pnority lo the replacement of these skills. STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsational *tructur• As of 31 M8r¢h 2022. the charlty has a board of dlreclors of nlne membors who meet bi-monthly and are r8sponsible for the strategic direction and poiicy of the charity. There is an Audit and Risk Sub-committee and 8 Nornin8tion3 and Rernuneralion5 Sub-cornmittee. The Board's Qu81ily Committee decides on gallery, retail and 8xhlblllon appllcallons. Membsrs of the board of dlreclor5 are from a verlety of profe$gion81 background8 relevant to the Vrk of the charity. A schem8 of del8g8tion is in place and day-to-d8y responsibility for the provlslon of 88rvices rests with the staff team. The Dlrectorls responslble for ensuring that the Gharfty dellvers the seNlceg specified and that key perf0mare indicators are met. Induction and tralning of n•w trugt888 The existing Trustees are 8lready familiar with Ihg practlcal work of the charity and are encouraged to attend any events organlsed by the charity. New tru51eeg wlll be Invlled and encouraged lo attend 8 series of short training sessions to familiari88 themselves with the charity and the context within which It operates. These wlll be led by the Chalr of the board of directors and the Chlef Executlve of the charlty and wlll cover.. - The oblig81ions of board of directors, members., - The main documents that sel out the operational framework for the charlty Includlng the Mamorandum and Articles; Resourcing and the current financial position as set out in the lalesl publlshed accounts,. Future plans and objectives. R•latod partlos In so far as11 is complimentary to the charity's objects, the charity is guided by both local and national policy. The Arts Council of Northern Ireland is the lead development agency for the arts in Northern Ireland. Their overall place the Arts at the heart of our social. economic and creative life,. Their strategic plan 'lnspir8, Connect, Lead 2019 10 2024. includes.. Creating a confident. vibrant, arts infrastructure; - Working with local government to strengthen lo¢al arts Increase audiences for the arts Build sustainability by helping organi5ation5 diversify inwme
Craft Northern Ireland Report of thè Trustees Year Ended 31 March 2023 Our programme of activities therefore fits the Arts Council of Northern Ireland's strategic objectives and therefore Ihelr funding criteria. The Arts Council of Northem Ireland appoints an observer who acts as liaison officer wlth organisalions in receipt of financial assistance. It is a condition of financial assistance that th8 observgr 15 Invlted to attend all board meetings induding any sU¢0MmIttee$. Risk management The Board of Directors has conducted a review of the major risks to lch th8 charity is exposed and risk register has b88n 8Stablished that is reviewed bi4nonthly at each Board rneeting. Where appropriate. systems or procedures have b8en established to mitigate the risks the charity face8. Th8 organisation is guided in 2022-23 by a one year business p18n. Under the 2022-25 three yaar Strategic Plan. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company nUMr N1642349 (Northem Ireland) R•9l8tornd Charity number 106410 Reglstered offlce 115-119 Royal Avenue Belfast Antrlm BT1 1FF Trustees Dr Christopher McHugh University Lecturer R L Fitzpatrick-O'Neill Self Employed P M F18nagan Sèlf4mploy&d K Mawhinney Mus8um Manager (Chalr) P M McNeill Business Park Manager R Shear8r Self-Employed Olivia Stewart Mark81ing Manager J Toland Managing Director ITr8asur8r) Gall Wright HR Manager (Resigned) Cornpany 89Grntary K Davidson Indopendent Examiner FPM Accountants 1-3 Arthur Str&8t Belfasl BT14GA EVENTS SINCE THE END OF THE YEAR Infomialion relating to events since th8 end of the year Is given in the notes to th6 financial statements.
Craft Northern Irèland Report of the Trustees Yaar Ended 31 March 2023 Disclosure of Infomiatlon to Independent Examlner Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the independent examination, but of bthich the independent examiner Is unaware. They have further confirmed that they have taken approprlate steps to identify such relgV8nt information and to establish that the independent examiner is aware of Such infomalion. The trusteas, report wa8 approved by the Board of Trustees and signed on Its behalf by. K Mawhlnney Chairp&rson 10
Craft Northern Ireland Statement of Trustees. Responsibilities Year Ended 31 March 2023 The trustees, who are also the directors of Craft Northem Ireland for the purpose of company law, are responsible for preparing the Trustees, Report and the financial slalements in accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepled Accounting Practice). Company Law requires the Iruste8S to prepare financial $talemenls for each financial year which give a true and fair view of the state of affairs of the charity and of the Incomlng sOurceS and application of resources, includlng the income and expenditure, of the charitable company for that year. In preparing these financial $tstements. the Iru81ee$ are required to: select suitsble accounllng policies and then apply Ihem ¢on$lslentty', observe the mothods and prfnclples in the Charltles SORP; make judgements and 8stimales th8t ar8 reasonabl8 and prudenl., - slate whether applicabl8 UK Accounting Standards have bèen followed, subjeGt to any matorial dopartures dlsc103ed and 8xplained in the financial Statements: and prepare the financial statements on the golng concern basi5 unless Itls inappropriate to presuma that the charity will contlnue in oparallon. The trustees are responsible for keeping adequate accounting records that dlsclose with reasonable accuracy at any lime the financlal posllion of the charity and 8nable them to ensure that the financial statements comply wllh the Companles Acl 2006. They are also responsible for safeguarding the a$$8ts of the charSty and hence for taking reasonable st8P8 for the prev8ntion and detectton of fraud and other Irregularlties.
Craft Northern Ireland Independent Examinerfs R&port Year Ended 31 March 2023 I rert to the Injstees on my examlnatlon of the financlal statements of Craft Northem Ireland (the charity) for the year ended 31 March 2023. Re¥poD$lbllltl85 and basls of r•port A¥ the trustees of the charity (and also Its directors for the purposes of company lawl you are responsible for the preparallon of the financial statements in accordance with tho requirements of th8 Companies Act 20061th9 2006 Act). Havlng satlsfied my8elf that the financlal statements of the charfty are not requlred lo be audited under Part 16 of the 2006 Acl and ara eligible for independent 8xaminallon, I report In respect of my examination of the charity's financial 8talemenls Carried out under section 65 of the Charftles Act (Northern Ireland) 2008 Ilhe 2008 Act) . In carrying oul my examination I have followed all the applicable directions given by the Charity Commission under section 6519llbl of the 2008 Act. Independent •xamln•rfs stat•ment I have completed my examination. I confirm that no matters have come lo my attention in conne¢tlon with the examination glving me cause lo believe that in any material respect.. accountlng records were not kept in respecl of the charity as requlred by Section 386 of the 2006 Act., or the financlal stslemenls da not accord wSlh those records., or the financial statements do not comply th the accounting requirements of sgctfjon 396 of the 2006 Act other than any requlremenl that the accounts give a true and fair view which IB not p matter Gon5idered as part ol an independent examlnalion; or the financi81 statements have not been prepared in accordance wth the method¥ and Principles of the Statement of Recommended Practs'ce for accounting and reportlng by Gharltles applicable to charllles preparlng thelr accounts in accordance wtlh the Flnanclal Reportlng Standard 8ppllcable In the UK and Rapubllc of Ireland {FRS 102). I have no roncems and have come across no other matters in conneGtlon wllh the 8xarnination to which attenllon should be drawn in thls report In order to gnable a proper under¥landlng of the financial slatem8nl$ to be reached. Lowry Grant FCCA For, and on behalf of, FPM Accountants Llrnlted Chartered Accountants 1-3 Arthur Street Belf35t Co. Anlrim BT14GA Dated: 11-12-..ZoZ3 12
Craft Northern Ireland Company Limlted by Guarantee Statement of Financial Actlvltles (Incorporatlng an Income and expenditure account) Year Ended 31 March 2023 Total Funds 2023 Total Fund5 2022 Unreslrictod Restrlclèd Nol8S Incom9 and endowrnents from: Donations and legacies 175,078 219,526 158.228 Other trading activities 62.247 62,247 58,111 Total Income and endowments 106,695 175,078 281.773 216,339 Expendlture on: Charitable Acllvltl&s 1102.5691 (168,670) 1271,239) (199.2481 Total Exwnditure 1102,569) (168,6701 1271,239) 1199,248} Net Income for tho yoar bofor• tran•f•r• 4,126 8,408 10.534 17,091 Transfers behveen funds Not movement In fund8 4,126 6,408 10,534 17,091 Roconclllatlon of funds: Total funds brought forward 67,215 67,215 50,124 Total Funds Carried Forward 10 71.341 6,408 77,749 67.215 All Income derlve$ from conllnulng actlvStSes. therefore no slalemenl of recognlsed gains or losses is given. The notes on pages 15 to 21 fom part of these financial statements. 13
Craft Northern Ireland Company Limited by Guarantee Balance Sheet as at 31 March 2023 Nots 2023 2022 Fixed AGsets Tangible assets 7,539 1.834 Current Assets Debtors Cash at bank and in hand 19,341 59,690 79,031 9,236 71.716 80.952 Credltors: amounts falling due wrlhin one year 8,821 15,571 NET CURRENT ASSETS 70.210 65,381 NET ASSETS 67,215 Represented by. Unre8trlcted Funds: General De8lgnated 10 61,578 9.763 55,952 11.263 Ra8trfctad Fund¥ 10 6,408 87,215 The company Is entitled to th& exempllon from the audit requirement contalned In 8ectlon 477 of the Companies Act 2006. for the yaar endad 31 March 2023. Th8 directors ackno%edge their responsibilllles for ensuring that the charity keeps accounting records vthich comply with secllon 386 of the Act and for preparlng flnancSal slalemenls whlch glve a true and falr view of the stale of affairs of the company as at the end of the financial year and of ils incomlng resources and application of resources, includlng Ils Income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and whlch olhanmise comply with the requirements of the CompanSes Act 2006 relating to financial Slalements, so far as applicablo lo the company. The members have not requlred the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial slalemenls have been prepared In accordance with thè provlslons appIlble to companies subject to the small companies regime. The finan I statements were approved by the Trustees on .... Kim Mawhinney {Ch Trustee Company Registration Number N1642349 The notes on pages 15- 21 form part of these financial statements. 14
Craft Northern Ireland Company Limited by Guarantee Notes to the Financial Statements as at 31 March 2023 1 ACCOUNTING POLICIES The prlnclpal accountlng pollcles adopted, judgements and key sources of esllmallon uncertalnty in the preparation of the financial statements are as follows.. a) Basis of preparation The financial slalements have been prepared in accordance wlth Accountlng and Reportlng by Charities: Statement of Recommended Pracllce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcablè In the UK and Republlc of Ireland IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 102)), the Finan¢i81 Reporting Standard applicabl& in the UK and Republic of Ireland IFRS 1021. Craft Northem Ireland meets the definStSon of a publlc beneflt enllty under FRS 102. bl Preparatlon of the accounts on a going concern basis At the time of approvlng the financial slatemenls, the trustees h8ve a reasonable expectation that the charity has adequate resources lo continue in operational existence for the fores8eable future. Thus the trustees conllnue to adopt the golng concern basis of accounting in preparing the financial statements. c) Fund Accounting General funds are unreslricled funds which are available for use al the dlscrellon of the Truste8s In furtheran¢e of the general oblecllv88 of the Charlty and which have not been designated for other purpo8e8. General funds may be transferred lo designated funds where Trustees wish to use thes8 fiJnds for a specific purpos8. Such funds may be transferred back to general funds onGe the criteria ft)r the designalion have been Met or are no longer appllcable. Resblcted funds are funds whlch are to be used Sn accordance with specific r8slrfctions imposed by donors or whlch havg been raised by the Charity for particular purposes. The cost of raising and adminlstering such funds are charged against the specific fund. The airn and usg of restricted funds is Set out in the notes to the flnancial slalemenls. Restri¢led funds may only be transferred to general or daslgnaled funds once the criteria for restriction have been di8charg8d or no longer 8ppIy. dl Income Recognllion Pollci8S Items of income are recognised and induded in the accounts when all of the following crlteria are met: Thè charity has enliilemenl to the funds. any performance condltions allached to the It&m of Income has been met or a fully within the control of th6 charity., there is suffici8nl certainly that recelpt of lh& Incom818 considered probable., and the amount can b& measured reliably. el Donated s•rvlce$ and facilities In accordanc8 wlth the Charltles SORP IFRS 102), the general volunteer Ilme of support8rs Is not recognis9d. Q Inte$t Recgivabl8 Interest on funds held on deposli Is Included when recelvable and the amount can be measured rellably by the charity., this is normally upon r)olificalion of the interest paid or payabl8 by the Bank 15
Craft Northern Ireland Company Limited by Guarantee Notes to the Financial Statements Year Ended 31 March 2023 1 ACCOUNTING POLICIES (continued) g) Expenditure and irrecoverable VAT Expenditure Is recognised once there Is a legal or constructive obllgation lo make 8 payment to a third party, it is probable that S9tt1ement will be required and the amount of thg obligatlon can be measured reliably. Expenditure Is classifigd und8T th8 followtng acllvity headings- Expenditure on Gharltable a¢tlvllles Includes the costs of supportlng refugee families and activlties undertaken to further the purposes of the charity and their associated support costs other expendllure represents those Items not falllng Into any other heading Irrecoverable VAT Is charged as a cost against the aGtlvlty for whl¢h the exp8ndlture w89 incurred. h) Ajlocalion of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable acb'vilies. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These cost5 have been allocated between cost of raising funds 8nd expenditure on charitable actlvltles. I Cash at bank and in hand Cash at bank and cash In hand includes cash and short term highly Ilquld investments wllh a short maturity of thre6 months or less from the date of aGquisition or opening the deposit or similar account 11 Tanglble Fixed Assets Individual fix8d assets are capitalised al cost and are depreciated over th8ir estimated useful 8conomlc Ilves on a straiaht line basls as follows.. Asset Category.. Annual te Fixtures, flttlng$ and equlpment Computer Equipmont 10% Slraighl Line 33Yo Slralghl Llne The carrying values of tangible flxed ass81s are revlewed for Impairment when evonts or clrcumstances indicate the catyng value may not be recoverable k) Debtors Trade and other debtors are recognised al the 59111gmont amount due after any trade discounl off8r8d. PTrpaymentS are valued at the amount prgpaid after taking account of any trade discount due. 11 Creditors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can b8 measured or estimated r&liably. Creditor8 and provisions aw normally r&cognised at their settlement amount after allowing for any trade discounts due. m) Pensions The company operates a deflned conlributlon penslon scheme. Contrfbulions are charged in the statement of financial aclivllies as they become payable In accordance with the rules of the scheme. 16
Craft Northern Ireland Company Limited by Guarantee Notes to the Financial Statements Year Ended 31 March 2023 1 ACCOUNTING POLICIES {contlnued) n) Taxation The company is a registered charity and the charitable tax exemptions ar8 therefore being claimed to the exlenl that income andlor gains are applicable and applied to charitable purposes only. These exemptlon5 wlll remain in place as long as income and expenditure is applied to charitable purpos85 only. ol Financial Instruments The Charity has 8lecled to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 Other Flnancial Instruments Issues, of FRS 102 to all of its flnancial Instruments. Flnanclal Instruments are recognlsed in the Charity's balance sh891 when the Charity becomes paty to thg contractual provisions of the Instrument. Financial ass8ts and liabilities are offs8t, the nel amounts are presented in the financial stal8menls, when there Is a legally enforceable right to sel off the recognised amounts and there is an intention to setue on a net basis of to réalisa the asset and settle the liability simultaneously. Basic financlal assets Baslc flnanclal ass6ts are Inlllally measured at transacllon prl¢e IncludSng transacllon cosls and ar• subsequently carri8d al amortiseé cost using the effedive interest melhod unless the arrangement ¢On51ilute5 a financing transaction, where the transaction 1$ measured al the present value of the future re¢eiptB dlBcount8d al a market rate of interest. Financial assets classified as receivable within one year are not amortlsed. Basic flnancial liabilities Basic financial liabllilles ara initlally recognised al transaction price unlass the arrangement conglllulas a financlng Iransaclion, where the debt Instruments is measured 8t the present value of the future payments discounted al a rnarket rale of in18resl. Financial liabilities classified 8s payable within on8 year are not amortised. Debt instruments are gubsequently carrled at amortised Cost, using the eff8cllv8 Interest rat8 method. Tradè creditor5 are obligailons lo pay for goods or services th81 have bean acquired In the ordinary course of operations from suppliers. Amounts payable are classified as current Ilabilllies if payment Is due within one year or less. If not, they are presented as non current liabilitl88. Trade credltors are recogn58ed initially al tran68Ctlon price and subsequently m&8sur6d at amortls&d cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are d8recognis8d when the Charivs ¢onlraGlual obligations gxpire or are discharged or cancelled. p) Critical accountlng 8Stimates and ju(tgement$ In the application of the Charity's accounting policies, tha Trustees are requi lo make judgements, esllmates and assumption5 about the carrying amount of a$$ets and liabllllles that are not readily apparent frorn other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Aclu21 results may dlffer from these estimates. The estimates and underlying assumptions are Trviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period In which the estimate is revised where the revision affects only that period, or in the period of tha ravision and future periods where tha revision affects both cuffent and future per(od$. 17
Craft Northern Ireland Company Limited by Guarantee Notes to the Financial Statements Year Ended 31 March 2023 2 Income from donatlons and legacies Total Funds Total Funds 2023 2022 Unrestricted Restricted ACNI Annual Funding Programme ACNI H&S Equip 2022123 Design & Craft5 Council of Ireland Belfast City Council Ulster University- ArNvork Employablllty The British Council DOF Emergoncy Grant for RataSler Bursary from Nl Gulld 143,404 6,255 143.404 6,255 26,448 18.000 21,919 142,404 26,448 18.000 21,919 3,500 2,561 13,263 44,448 175,078 216,026 158,228 The 2022 total of £158.228 was split £15,824 unrestricted and £142,404 r8Stricted 3 Incomo from Tradlng ActItIo• Total Funds Total Funds 2023 2022 Unrestrl¢t•d R•8trl¢tad Gallery Salés 62,247 62,247 58,111 62,247 The 2022 total of £58,111 was all unrestricled. 4 Re8uIts forth• yoar The results for the year has bean arrived at after charging Ihe following.. 2023 2022 D8preciation 881 334 S Expgndlturg on charltablg aGtlvSty Total Funds Total Funds 2023 2022 Unre8trlcted Restrlcted Dlrect Charllable Support Costs Govemanca Costs 97,736 2.287 2,546 165,740 2,930 263.476 5,217 2.546 192,374 3,534 3,340 102,569 168,670 271,239 199.248 18
Craft Northem Ireland Company Limited by Guarantee Notes to the Flnanclal Statements (cont) Year Ended 31 March 2023 6 Analysis of staff ¢osl$: 2023 2022 Salarles and Wages Social security costs Other Penslon Costs 147,990 9.558 7.104 164,652 90.778 7,289 4.973 103,040 The average monthly number of employees was 8 {2022: 7) and the average monthly number of employees during the year expressed as full time equlvalents was as follows (induding casual and part lime slaff)- 2023 Number 2022 Number Charitable acuvllles No employe8 has emoluments In 8x¢e8s of £60,000. 12022: 0) The ¢harlty Truslees w8r8 not paid nor did they receive any other beneflts from employment wlth the charlty in the year (2022: £nlll nelth6r were they reimbursed expenses durlng the year (2022: £nill. Ni chadty Trugtee recalved payment for professlonal or other services supplied to th8 charfty12022= £nll 7 Tanglble Fixed Assets Flxturn8, flttings and Computor equlpm•nl equlpmant Total Cost: As at 1 Aprll 2022 Additions As a131 March 2023 3,337 134 6,386 6.520 3.471 6.386 Depreciation: As at 1 April 2022 Charge for the year AS at 31 March 2023 1,503 334 134 347 481 1,637 681 2.318 Nel Book V81ue As at 31 March 2022 1,834 1,834 As at 31 March 2023 6,039 7,539 Debtors 2023 2022 Trad8 Debtors Accrued Income Prepayments 7.000 11.670 671 19,341 1,450 7.171 615 9,236 19
Craft Northorn Irèland Company Llmlted by Guarantee Notos to the Financial Statements Iconl) Year Ended 31 March 2023 9 Credltor•: amounts falllng due wlthln one y•ar 2023 2022 Trade Creditors Othgr Taxe8 and Social Securtty Costs Accruals ACNI Grant to bg Rgfunded 2.563 3.428 1,830 1,000 10.268 2,473 1.830 1.OCiI 8,821 15,571 10 An•lysls of Mov•m•nt8 In Funds Openlng 8alanco Asat31 March 2023 Income Expendlturn Unrestrlcted funds Ger+eral fund8- all funds Deslgn8tsd Funds 55,952 11.263 67,215 106,695 1101.0691 1,500 1102,569) 61,578 9,763 71,341 106.695 Re•trlcted fund¥ Ra81ricled fundB- all funds 175,078 188,670 6,408 Total 67.215 281,773 271.239} 77.749 Thg deslgnated fund relates lo Ihe Guild Bursary receSved from thè fomer Nl Gulld of Deslgner Craftsmen lo be used lor the advancement of the craft sector in Northern Ireland. 11 Analy818 of Mov•m•nt• In RHtrlct•d Fun Oponlng Balanco A#at31 March 2023 In¢arn• EXpondIre ACNI Annu81 FundSng Programm• ACNI H&S Equlpmenl Grant Ulster Universlty Artsvork Employablity Tho Brlllsh Council - Viglnam 143,404 6,255 21,919 3.500 { 142.9)4) 1347) (21,919) I3,5} 500 5,908 175,078 168.670 6.408 20
Craft Northem Ireland Company Limlted by Guaranto8 Notas to the Financial SL*ements (cont) Year Ended 31 March 2023 12 Analysls of net asseti bettrn funds Unreslrlctod Restrfctsd funds funds 2023 2023 Total funds 2023 Total funds 2022 Tanglble fixad 8tssets Current assets Creditors amounts falling du8 withln ona yaar 1,500 78,662 (8.8211 6,039 369 7,539 79,031 18,821) 1,834 80.952 115.571) 71,341 6.408 77,749 67.215 21
The following pages do not form part of the financial statements which are the subject of the independènt examinerfs report on page 12
Craft Northern Irèland Company Llmited by Guarantee Notes to the Financial Statements (cont) Year Ended 31 March 2023 Analysis of expenditurn on charitable activlties: Totsl Funds Total Funds 2023 2022 Unrestricted Restrictod Wages Pensions Subcontractors Gallery Suppli85 Ront and Rates Ingurance Llght and Haat Telephone Postage and statlonery Publicity and marketlng Miscellaneous gXP9n59S Mainlen8nc8 and 5gcurity Exhibition costs Chrlstmas Campalgn Subscrlpllons Storage of exlsllng equlpment IT support Maker development Legal and professional Travel and subslst8nce Staff training ACNI Organlsatlons Emergency Other Programmlng August Craft Month L8unchpad Room Hlre 06preclation of tangible fixed assets Bad debt Support costs Govemance Costs 39,444 7.104 118,104 157.548 7,104 98,067 4,973 18,409 3.882 9,913 1,732 1,896 1,251 629 1,569 1,005 2,360 2.053 4,258 1,565 3.882 38,712 1,732 3,896 1,251 629 4,623 1,003 2,360 3,989 4,258 1,565 28,799 28,955 957 2,839 4,009 578 7,053 2,242 1,525 2,602 2,000 3,054 1,936 2.804 1,360 965 1,935 5,422 807 150 1491 1,013 2,000 3,013 960 4,383 1,219 383 1.219 4.000 345 14,621 200 345 20,121 200 5,500 6.345 192 334 100 3,534 3,340 334 347 681 2,287 2,546 2,930 5,217 2,546 102,569 168,670 271,239 199,248 The 2022 total of £199,248 was split £56,844 unreglricted and £142.404 restrlcted. Analysls of gov•rnan¢• and Support ¢osls Total Funds Totsl Funds 2023 2022 Unregtrlcted Re$trl¢t•d Bank and card transaction charges Accountancy fees 2.287 2.546 2,930 5,217 2,546 3.534 3,340 4.833 2,930 7.763 6.874 The 2022 total of £6,874 was UnstrIcted. 23